LAS VEGAS, Oct. 26, 2017 (GLOBE NEWSWIRE) -- In 2012, the global Automotive Plastics Market was valued around USD 14.90 billion and is anticipated to reach approximately USD 46.09 billion by 2022, while maintaining a compound annual growth rate (CAGR) of 10.70% during the forecast period. Automotive Plastic has the key role in performance and safety innovations in modern vehicles like SUVs, minivan, cars and even HMVs. Automotive plastics are usually strong, durable, scratch resistance, recyclable, resistive against abrasion, improve noise and vibration control and permit integration, molding, and design of automobile components. In advanced cars, there is almost 50% plastic of the overall car volume but bestow only 10% of the entire car weight which makes cars light in weight and augments the fuel economy. Recent automotive plastic though has a much wider application involving passenger convenience, passenger safety, and total cost reduction of production. Automotive plastic is employed in the dashboard, bumpers seats, body panels, fuel systems, interior trim, under-bonnet components, electrical components, lighting, exterior trim, liquid reservoirs, and upholstery. Also, the advancements in the area of durable and tough automotive plastic are projected to amplify the use of plastic in advanced cars. Concerning interiors, automotive plastics have established to be an incredible material for building durable, comfortable, and esthetically pleasing interior parts.
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The global automotive plastics market is estimated to witness extensive growth with a noteworthy compound annual growth rate during the forecast period of 2012 to 2022. The major factors driving the growth of automotive plastics industry are prospective of automotive plastic in volume reduction in consumption of fuel by abbreviating the total weight of the automobile, rising prices of steel and irons and enhanced durability and strength of advanced automotive plastic. The key factors hindering the automotive plastic market growth are elevated material price and rising funding for research of plastics-alternative material like carbon fibers, particularly by automotive manufacturers. The growth opportunities for the future of automotive plastic is mentioned in the expansion of new materials like blended thermoplastic materials, Lighted PP, polymethyl methacrylate (PMMA), etc.
Market Players
- BASF SE
- AkzoNobel N.V
- Covestro
- Johnson Controls
- Evonik Industries AG
- Magna International
- SABIC
- Momentive Performance Materials Inc.
- Borealis AG
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The global automotive plastics market is segmented as follows:
By Product
- Polypropylene
- Polyurethanes
- Polyvinyl Chloride
- ABS
- HDPE
- Polycarbonates
- PMMA
- Polyamide
- PET
By Application
- Interior
- Exterior
- Under bonnet
Key findings of the automotive plastics market
- The powertrain is anticipated to appear as the highest-growing application which helps vehicle producers to decrease weight & incorporate complicated parts, which eventually boosts performance, renders higher productivity, and saves cost.
- The growth of the automotive plastics market is propelled by factors like global development in demand of automotive, growing demand for hybrid & electric vehicles, rising fuel-efficient vehicles demand.
- Key players of this market include AkzoNobel N.V, The Dow Chemical Company, Covestro, Evonik Industries AG, Johnson Controls, Magna International, Momentive Performance Materials Inc., SABIC, Borealis AG, and BASF SE.
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